The Central Bank of the UAE (CBUAE), together with the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market, collectively referred to as “Supervisory Authorities”, have issued the “Guidelines for Financial Institutions adopting Enabling Technologies” (“the Guidelines”).

The Guidelines are issued pursuant to the powers vested in the respective law of the individual Supervisory Authorities, including:

• •The Central Bank of the UAE under the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities (“Central Bank Law”);
• •The Securities and Commodities Authority under Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Market;
• •The Dubai Financial Services Authority pursuant to the Regulatory Law - DIFC Law No. (1) of 2004 concerning Dubai International Financial Centre; and
• •The Financial Services Regulatory Authority pursuant to Law No. (4) of 2013 concerning Abu Dhabi Global Market.

The increasing adoption of technology-enabled business models presents both opportunities and challenges to those carrying out Innovative Activities.

The purpose of the Guidelines is to provide a set of principles when using Enabling Technologies in financial services and accompanying guidance. The key principles are broad enough to cater to the different business models, operating models and financial services offered by existing organisations operating in, and new entrants to, the financial services sector. The key principles are accompanied by more detailed guidance for Institutions to consider when using Enabling Technologies.

The Supervisory Authorities may issue further guidance relating to the Guidelines.